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Dec 26, 2012
12/12
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CNBC
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>> the view here is that if we go over the fiscal cliff the concern is there's going to be a drain on income and thereby it will rayfect the housing recovery. 50 days since the election and in that 50 days the markets haven't been essentially changed. seen some nascent improvement in the housing numbers and employment numbers and a boom in m & a activity, $270 billion in m & a, best quarter since 2008 but going over the fiscal cliff puts us at peril in terms of lower income and higher regulatory burdens and just the uncertainty. >> brian, sometimes the media gets the blame for scare mongering and i'm going to therefore try to play the other side and the devil's advocate. is there a possibility that this fiscal cliff talk is a y2k moment? in other words, it's not going to be nearly as bad as we think? >> oh, i think that's a possibility. i think maybe there's a little bit of cynicism in the market and a lot of people in the sidelines which is one of the reasons why the vix is as low as it is. compare this to the negotiations surrounding the extension of the debt ceiling back in august
>> the view here is that if we go over the fiscal cliff the concern is there's going to be a drain on income and thereby it will rayfect the housing recovery. 50 days since the election and in that 50 days the markets haven't been essentially changed. seen some nascent improvement in the housing numbers and employment numbers and a boom in m & a activity, $270 billion in m & a, best quarter since 2008 but going over the fiscal cliff puts us at peril in terms of lower income and...
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Dec 24, 2012
12/12
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but the fiscal cliff could send the economy into a tailspin. it appears to already be affecting consumer spending and some of the country's most beloved snacks could soon return to store shelves. 9news returns in two minutes. >>> 4:40 on this monday morning. christmas eve. quiet right now. really no real problems i think till we get more toward late this afternoon into when rain may develop mixed in with sleet and snow. the roads staying mainly wet with high temperatures in the low 40s. a very active weather week coming up. i'll have your seven-day forecast in about five minutes. right now over to liz with a look at timesaver traffic. >>> good morning. the commute very much the same as the weather apparently. 270 montrose all quiet, cleared out. might see shopping traffic as the day goes on with the last- minute shoppers. otherwise so far so good. on the virginia ride, 395 at duke street, everything moves right along there. no problems on 95 coming in towards the mixing bowl either. that's a look at your timesaver traffic. now back to andrea. >
but the fiscal cliff could send the economy into a tailspin. it appears to already be affecting consumer spending and some of the country's most beloved snacks could soon return to store shelves. 9news returns in two minutes. >>> 4:40 on this monday morning. christmas eve. quiet right now. really no real problems i think till we get more toward late this afternoon into when rain may develop mixed in with sleet and snow. the roads staying mainly wet with high temperatures in the low...
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Dec 27, 2012
12/12
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FOXNEWSW
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the republicans are losing the debate on the fiscal cliff. this is obama's economy. let the president and the democrats own it and own the national debt. own the defense cut. instead, boehner and the gang allow the president to star in his own superhero film. he will cut the hawaiian vacation short and come back to save us mere mortal from the fiscal cliff. winning the optics war and winning it big. juan, how did you get the ball back from the republicans? they had it. this was obama's economy, his face calf cliff. now boehner fails on the vote and next thing you know, the ball is in your court. >> juan: i think you are right. i think boehner at the moment looking weaker. he is out of this altogether at the moment. his troops abandoned him. he is okay keeping the speaker on january 3 when the republican caucus vote but you are hearing rumors about eric cantor who is next to him launching some kind of a coop at the moment. i don't know where it goes. but it seems that he is in a position where the republicans in the senate and the white house are really the ones who w
the republicans are losing the debate on the fiscal cliff. this is obama's economy. let the president and the democrats own it and own the national debt. own the defense cut. instead, boehner and the gang allow the president to star in his own superhero film. he will cut the hawaiian vacation short and come back to save us mere mortal from the fiscal cliff. winning the optics war and winning it big. juan, how did you get the ball back from the republicans? they had it. this was obama's economy,...
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Dec 27, 2012
12/12
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FOXNEWSW
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the republicans are losing the debate on the fiscal cliff. this is obama's economy. let the president and the democrats own it and own the national debt. own the defense cut. instead, boehner and the gang allow the president to star in his own superhero film. he will cut the hawaiian vacation short and come back to save us mere mortal from the fiscal cliff. winning the optics war and winning it big. juan, how did you get the ball back from the republicans? they had it. this was obama's economy, his face calf cliff. now boehner fails on the vote and next thing you know, the ball is in your court. >> juan: i think you are right. i think boehner at the moment looking weaker. he is out of this altogether at the moment. his troops abandoned him. he is okay keeping the speaker on january 3 when the republican caucus vote but you are hearing rumors about eric cantor who is next to him launching some kind of a coop at the moment. i don't know where it goes. but it seems that he is in a position where the republicans in the senate and the white house are really the ones who w
the republicans are losing the debate on the fiscal cliff. this is obama's economy. let the president and the democrats own it and own the national debt. own the defense cut. instead, boehner and the gang allow the president to star in his own superhero film. he will cut the hawaiian vacation short and come back to save us mere mortal from the fiscal cliff. winning the optics war and winning it big. juan, how did you get the ball back from the republicans? they had it. this was obama's economy,...
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Dec 26, 2012
12/12
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FBC
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. >> as we avoid the fiscal cliff and the economy picks up, and big ifs, which industries stand to add the most job? rick newman is here for u.s. news and world report. rick, nice to meet you. >> hi, how are you doing? >> you gave us a list, and interesting to pull out the theme. social networking sites, video game publishing, online payment, definitely a theme here where the growth is at. >> heard this the last couple years, obviously, it's digital, digital, digital, and real estate on the list as well. social networking. it's not a 235d, but -- a fad, but here to stay, and mobile devices, social networks follows. news sites too, not just facebook and twitter, but pinterest. there's smaller ones, niche sites, but the trends is here to stay. >> sustainable building materials, huh? >> i hate to tell you, but it's growing, and it is growing because state and local governments have new standards, not because of washington, anything happening in washington. it's not a stimulus plan, don't worry, but it's new standards. state and local governments needs buildings to be energy first time in
. >> as we avoid the fiscal cliff and the economy picks up, and big ifs, which industries stand to add the most job? rick newman is here for u.s. news and world report. rick, nice to meet you. >> hi, how are you doing? >> you gave us a list, and interesting to pull out the theme. social networking sites, video game publishing, online payment, definitely a theme here where the growth is at. >> heard this the last couple years, obviously, it's digital, digital, digital,...
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Dec 31, 2012
12/12
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CNNW
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stock market, despite all those worries about the fiscal cliff and slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market, the rest of us are worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. the stock has yet to climb its way back to the ipo price. >> number seven, mother meyer. the new ceo of yahoo! who announced she was just going to take a two week maternity leave as she tried to turn this company around. 37 years old, it looks like a mother's touch is what yahoo needed. >> mother nature. an intense drought in the midwest that scorched the corn and sky crop sending prices sky high. who can forget super storm sandy? neighborhoods along the northeast swept away, millions without power and damages as high as 50 billion dollars raising lots of questions about u.s. infrastructure and whether we should be spending money to fix it. >> china. is china slowing or leading the world. we kn
stock market, despite all those worries about the fiscal cliff and slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. smart money's been on the market, the rest of us are worried about the fiscal cliff. >> number eight, facebook's ipo. hundreds of millions of people like facebook, but investors did not on its first day as a public company. the stock has yet to climb its way back to the ipo price. >> number seven, mother meyer. the new...
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Dec 26, 2012
12/12
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FOXNEWSW
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economy from going over the fiscal cliff as a group of democrats push for the extension of most of the bush-era tax cuts, cuts they say staunchly -- they opposed years ago. joining us now to talk about it, tony -- [inaudible] a republican political analyst and consultant and a national political correspondent for talk radio news service. michael is a democratic strategist, and he joins us as well. good to see you both. tony, look, the word we're getting is that harry reid is going to pass an extension of the bush tax cuts for anybody under 250,000, extend unemployment benefits for two million folks. um, now, if that happens, it goes to the house, and the house will probably have to put it up. aren't republicans, your party, going to wish that they had passed plan b? >> absolutely, gregg. look, plan b really should have been our plan a, number one. number two, plan b was really the idea of chuck schumer and nancy pelosi as recently as in this summer. to set the threshold on incomes to a million dollars versus 250,000, allow those tax rates for a million and above go up, the president ta
economy from going over the fiscal cliff as a group of democrats push for the extension of most of the bush-era tax cuts, cuts they say staunchly -- they opposed years ago. joining us now to talk about it, tony -- [inaudible] a republican political analyst and consultant and a national political correspondent for talk radio news service. michael is a democratic strategist, and he joins us as well. good to see you both. tony, look, the word we're getting is that harry reid is going to pass an...
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Dec 26, 2012
12/12
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CNBC
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that having been said the fiscal cliff will turn out to be not a maxi deal but a mini deal and will clip the economy not by 1% but a 2% and a 60% chance something will get done but that's where we come out on it right now. a little bit harder hit to the economy. >> don't adjust your sets, everybody. this is what bob sounds like today. >> this is a different exchange here. >> not doing your imitation of david? >> what do you think that the seasonal factors are a major reason why the markets are holding up so well? if you look at the havens, gold, treasuries, for example, the dollar, there's no sign of panic in the haven. >> silver is down. you've seen a little bit of a lift in the vix, closer to 20. that's not bad, a normalization type of thing. treasuries have sold off a little bit. that means the patient is leaving the hospital. the patient was on intensive care earlier in the year back in june. the biggest day of the year was june 19th. that's the day of the second greek election when that guy came in who did not take them out of euro to. meet biggest things that happened this year wer
that having been said the fiscal cliff will turn out to be not a maxi deal but a mini deal and will clip the economy not by 1% but a 2% and a 60% chance something will get done but that's where we come out on it right now. a little bit harder hit to the economy. >> don't adjust your sets, everybody. this is what bob sounds like today. >> this is a different exchange here. >> not doing your imitation of david? >> what do you think that the seasonal factors are a major...
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Dec 26, 2012
12/12
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WMAR
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fiscal cliff. they have less than a week to come up with a solution or everybody's taxes are going up. >>> you need to get ready for some round-the-clock gaming action at maryland live casino. beginning tomorrow customers will be able to enjoy nonstop action 24/7, 365. casino doors will swing open and remain open beginning at 8:00 a.m. tomorrow. >>> you want to see the raven's wildcard playoff game? tickets are available, but there are not a lot of them. a few thousand tickets will be available for public sale beginning this friday at 10:00 a.m. the ravens will play january 5th or 6th. you can get tickets through ticket master. >>> today is the first day of quawns a. it's a celebration of community, family and culture. the weeklong festivities end with a feast and exchange of gifts. unity, self-determination, collective work and responsibility, economics, creativity and earth. >>> well, from christmas sales to christmas music 24/7, it is easy to forget that a lot of people don't celebrate the holid
fiscal cliff. they have less than a week to come up with a solution or everybody's taxes are going up. >>> you need to get ready for some round-the-clock gaming action at maryland live casino. beginning tomorrow customers will be able to enjoy nonstop action 24/7, 365. casino doors will swing open and remain open beginning at 8:00 a.m. tomorrow. >>> you want to see the raven's wildcard playoff game? tickets are available, but there are not a lot of them. a few thousand tickets...
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Dec 29, 2012
12/12
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CNNW
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stock market, despite all of those worries about the fiscal cliff and maybe slower growth in trust economy, the stock market has had a great year. too bad you missed out. the smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money on mobile users, pummeled the stock, which is on its way back to the ipo price. >>> number seven, mother myer. the new ceo of yahoo! who announced she was just going to take a two-week maternity leave. >> number six, mother nature, an intense drought in the midwest that scorched the corn and soy crop sending prices sky high. >> the ocean is just beyond. >> and who can forget superstorm sandy? millions of neighbors, their houses swept away without power, damages, and raising questions about infrastructure and whether we should be spending some money to fix it. >>> number five, china, is china slowing or le
stock market, despite all of those worries about the fiscal cliff and maybe slower growth in trust economy, the stock market has had a great year. too bad you missed out. the smart money has been in the market. the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not on its first day as a public company. trading glitches at the nasdaq and questions about the company's ability to make money...
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Dec 28, 2012
12/12
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KPIX
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a new report suggests the looming fiscal cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street stocks sank for a fourth consecutive day. the dow lost 18 points. the nasdaq was off 4 points. >>> the housing market shows new signs of a rebound. they said on thursday that the sale of new homes increased by 4.5% from the month before. that's the fastest pace in two years. record low mortgage and stable job gains fueled the increase. >>> dangerously low water levels could force shipping to stop between st. louis and illinois on the mississippi river next week. the mississippi is suffering from months of severe drought. it does an estimated $7 billion of trade in february and january. >>> a pot
a new report suggests the looming fiscal cliff is forcing consumers to lose confidence in the nation's economy. the conference board said on thursday that its consumer price index fell sharply in december for the second consecutive month. that's the lowest level since august. for the fifth consecutive year, individual investors have pulled their money out of the stock market. it's estimated to be about $380 billion. many are investing in bonds which are considered safer investments. wall street...
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Dec 28, 2012
12/12
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economy goes over the fiscal cliff. harris: i have to tell you that wall street is starting to react for a fifth day of losses on wall street. stocks are reacting, it is the final friday before the fiscal cliff. the dow is a 55-point drop, but it has been lower at that. it is still early in the trading day yet. the forecast for today is not looking good. a fifth day of concern there among investors on wall street. jon: flirting with out 13,000 barrier. part of the looming fiscal cliff includes a castilian dollars in custom military spending. it is called sequestration. many military experts are concerned about the impact of sudden spending cuts and how it could impact national security. molly henneberg has more on that this morning live from washington. reporter: the cost will be big. the cuts will be large. if we go over that fiscal cliff, that triggers fears of automatic spending cuts, and we are just looking at the defense piece today. the pentagon will face a cut of $492 billion. that is about a half trillion dollar
economy goes over the fiscal cliff. harris: i have to tell you that wall street is starting to react for a fifth day of losses on wall street. stocks are reacting, it is the final friday before the fiscal cliff. the dow is a 55-point drop, but it has been lower at that. it is still early in the trading day yet. the forecast for today is not looking good. a fifth day of concern there among investors on wall street. jon: flirting with out 13,000 barrier. part of the looming fiscal cliff includes...
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Dec 27, 2012
12/12
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FBC
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eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a deal, theyun planted strike down plano strike this weekend.if if the strike happened, some reports estimate for a billion dollars per day. >> there's no question, use the righte words, cripple the economy. the backbone of the trade on the export and import, eric. about $100 billion or more comes in and out where you have to have these strikes. co it is very devastating and could reverberate throughout thees country. food distributors, everybody would be affected by this strike if it goesrd forward. eric: what do the unions want and what is management willing to do, how far apart are these two groups? >> normally in a dispute with the unions it is about wages and benefits in this case it is not. what the unions are objecting to with reports i have been seeingu is new work rules andort deficiencies that support systems want to put in place too make the port more productive to l
eric: forget the fiscal cliff, what about a container cliff and what that might do to the economy. a a nasty standoff between union workers and the companies could cripple the nation. unless two groups reach a deal, theyun planted strike down plano strike this weekend.if if the strike happened, some reports estimate for a billion dollars per day. >> there's no question, use the righte words, cripple the economy. the backbone of the trade on the export and import, eric. about $100 billion...
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Dec 27, 2012
12/12
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CNBC
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. >> four days left to avoid the fiscal cliff. who will compromise and will a deal get done to rescue the american economy? stay with cnbc for full-time reports to see who will rise above. who will compromise and will a ♪ >> all night i've been talking to you about the new diversification, a way to diversify by strategy, not just sectors so you can thrive in any market. look, we still believe in the old kind of diversification by group, but we've also got a new prism going here. remember, you need a high-yieldner your portfolio, a big dividend-paying stock for downside protection and the massive multi-year gains that come from reinvesting the dividends, and you must reinvest. second, you need a way to profit a whole lot when the market is in good shape. sometimes it is, and still potentially keep delivering gains if things get worse which is why you must have exposure to growth, preferably a high quality secular growth stock where the earnings estimate is a powerful momentum and then a speculative stock, something that trades fo
. >> four days left to avoid the fiscal cliff. who will compromise and will a deal get done to rescue the american economy? stay with cnbc for full-time reports to see who will rise above. who will compromise and will a ♪ >> all night i've been talking to you about the new diversification, a way to diversify by strategy, not just sectors so you can thrive in any market. look, we still believe in the old kind of diversification by group, but we've also got a new prism going here....
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Dec 27, 2012
12/12
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and republicans are losing the debate on the fiscal cliff. they should be saying this. this is obama's economy. let the president and the democrats own it, lets them own the massive exploding national debt, let them own the tax hikes, let them own the defense cuts. instead boehner and the gaining are letth president to star his own superhero film. he's going to come back in and save us from the fiscal cliff while others are puffing marlboros. winning the optics war and winning it big. juan, how do you get the ball back from the democrats? they had it. next thing you know, the ball is in your court. >> i'm going to have to upset you, my friend. i think you are right. i think boehner is at the moment looking weaker. he's out of the talks all together at the moment. no role to play. his own troops have abandoned him. i'm told he's okay of keeping the speaker ship on january 3rd when they vote but you start to hear rumors about eric cantor who you see next to him possibly launching some kind of -- but it seems to me he's in a position the republicans in the senate and the w
and republicans are losing the debate on the fiscal cliff. they should be saying this. this is obama's economy. let the president and the democrats own it, lets them own the massive exploding national debt, let them own the tax hikes, let them own the defense cuts. instead boehner and the gaining are letth president to star his own superhero film. he's going to come back in and save us from the fiscal cliff while others are puffing marlboros. winning the optics war and winning it big. juan, how...
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Dec 29, 2012
12/12
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WRC
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. >> reporter: as the senate leaders were mapping an escape from the fiscal cliff, president obama and republicans issued dueling messages on the web. >> we cannot afford the self inflicted wound to the economy. the folks you send to washington have to do their jobs. >> reporter: if the nation goes over the fiscal cliff next tuesday each side says the other is to blame. >> we can avoid the fiscal cliff if the president and the democrat-controlled senate step forward and work with republicans to solve this problem and solve it now. >> reporter: all over the country right now, uncertainty is in the air. >> it's not a matter of am i going to pay my light bill but is it going to deplete my savings. >> even if the impact isn't real, the perceived impact could cause a dropoff in sales. >> reporter: gets a deal is up to the top democrat and top republican. >> we are engaged in discussions, the majority leader and myself and the white house in the hopes we can come forward as early as sunday and have a recommendation. >> whatever we come up with will be imperfect. that's where we are. >> repor
. >> reporter: as the senate leaders were mapping an escape from the fiscal cliff, president obama and republicans issued dueling messages on the web. >> we cannot afford the self inflicted wound to the economy. the folks you send to washington have to do their jobs. >> reporter: if the nation goes over the fiscal cliff next tuesday each side says the other is to blame. >> we can avoid the fiscal cliff if the president and the democrat-controlled senate step forward and...
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Dec 27, 2012
12/12
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cliff. >> if in fact we do go over the fiscal cliff it means the economy is going to go down pretty sharply. [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. . gregg: you expect accrued of lines when you're shopping. how about sharks? look at those cameras rolling. a giant aquarium bursts, e phroedz insid explodes inside a mall in sang high china it sends glass, water, everywhere, including sharks. fortunately the sharks weren't terribly hungry at the moment and they didn't get very far. patti ann: george h.w. bush is in intensive care at a houston hospital battling a subject born fever. the former president has been sick for a few weeks now. on november 7th he was admitted to methodist hospital in houston what cough. he was later released only to be readmitted on november 23rd. by december 13th a hospital spokesman said the former president was improving and should be able to
cliff. >> if in fact we do go over the fiscal cliff it means the economy is going to go down pretty sharply. [ buzzing ] bye dad. drive safe. k. love you. [ chirping, buzzing continues ] [ horn honks ] [ buzzing continues ] [ male announcer ] the sprint drive first app. blocks and replies to texts while you drive. we can live without the &. visit sprint.com/drive. . gregg: you expect accrued of lines when you're shopping. how about sharks? look at those cameras rolling. a giant...
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Dec 24, 2012
12/12
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WJLA
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. >>> only one week to go, and there's still no deal preventing the economy from going over the fiscal cliff. members of congress are pointing fingers over who is to blame for the lack of progress to prevent tax hikes and spending cuts. connecticut's independent senator joe lieberman expects congress to work right up to the deadline. but he's not even sure that's going to be enough. >> it's the first time i feel it's more likely we will go over the cliff than not, and if we allow that to happen, it will be the most colossal consequential act of congressional er responsibility in a long time. >> the president and congress are due back later in the week. one possibility is a partial deal on taxes while putting off an agreement on spending, kicking some of the can down the road once again. >> and that seems to be what congress is good at. no problem ever gets solved. there's no grand bargain. seems like we just do a little bit and then say oh, we'll get it by the fall. and nothing substantive really gets done. it's a sad state of affairs. this is the result of when folks cannot take off t
. >>> only one week to go, and there's still no deal preventing the economy from going over the fiscal cliff. members of congress are pointing fingers over who is to blame for the lack of progress to prevent tax hikes and spending cuts. connecticut's independent senator joe lieberman expects congress to work right up to the deadline. but he's not even sure that's going to be enough. >> it's the first time i feel it's more likely we will go over the cliff than not, and if we allow...
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Dec 28, 2012
12/12
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KRON
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economy and make over the so-called fiscal cliff. reaching a deal before them will not be easy. because right now, both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of the house of representatives are all watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. i told president i would be happy to look at what they're he promises but the truth is is that we are coming up against a hard deadline here and as i said this is a conversation we should have had months ago. >> democrats want to extend the bush era tax cuts to everyone except those americans who are making $250,000 or more a year. many republicans remain against the tax increases. >> former president george h. w. bush is still in intensive care at a houston hospital this morning dealing with a stubborn fever. the former president's family is confident that he will be out of the i see you soon. the 88 year-old has been in a hospital for more than a month, after first coming down with bronchitis
economy and make over the so-called fiscal cliff. reaching a deal before them will not be easy. because right now, both sides are involved in a high-stakes political blame game. >> we are here in washington working while the members of the house of representatives are all watching movies and watching their kids play soccer and basketball and doing all kinds of things. they should be here. i told president i would be happy to look at what they're he promises but the truth is is that we are...
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Dec 26, 2012
12/12
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CNBC
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the fiscal cliff on january 1st, the economy's not going to collapse. but the shutdown of these ports, you had $200 billion or $300 billion a year coming into this country through these ports. what i think interesting, the last time we saw an east coast longshoreman strike, port shutdown, was in 1977. a decade which i remember where nothing went right. nothing worked. right now, to me, not much is working so it only stands to reason that we get a strike like this at the worst possible time. >> is it even justified? peter, let me quote something from the "new york post" saying the strike is not about jobs, not about safety. essentially, what it is about is protecting big labor's archaic work practices and corrupt waterfront rackets. nerd, in other words, we are being held hostage to something that's not justified. >> that's labor unions. the bigger problem is there's all this inbound traffic. all the containers are leaving empty. eventually it's going to be -- when we have a dollar crisis, no one's going to ship anything to america because we aren't goin
the fiscal cliff on january 1st, the economy's not going to collapse. but the shutdown of these ports, you had $200 billion or $300 billion a year coming into this country through these ports. what i think interesting, the last time we saw an east coast longshoreman strike, port shutdown, was in 1977. a decade which i remember where nothing went right. nothing worked. right now, to me, not much is working so it only stands to reason that we get a strike like this at the worst possible time....
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Dec 28, 2012
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that is the bulk of the fiscal cliff anyway and it is also the bulk of the impediment to the economy. so if you were thinking where is this going to lead us, what happens if we go off the cliff, i would estimate that in the short run it would probably cost us up to about a point of gdp which is about a half million jobs. in the long run it could cost about a half percentage point of growth every year. so, you know, this is the kind of thing that is really quite serious in terms of its impact on standard of living over the long haul. and we really need to get this right. it is not the kind of thing we can do in the next couple days i'm afraid. >> half a million jobs, whether half or a whole million jobs, that is a significant number. a big hit to the labor market. are you saying recession or not? >> well, you know, again, it depends on what the baseline is. i'm not sure we'd actually call it a recession, but just losing a percentage point of growth is significant whether it puts us in through recession or not. if we go -- remember our growth rate has only been about 2%. if we cut our g
that is the bulk of the fiscal cliff anyway and it is also the bulk of the impediment to the economy. so if you were thinking where is this going to lead us, what happens if we go off the cliff, i would estimate that in the short run it would probably cost us up to about a point of gdp which is about a half million jobs. in the long run it could cost about a half percentage point of growth every year. so, you know, this is the kind of thing that is really quite serious in terms of its impact on...
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Dec 26, 2012
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>>> fears of the fiscal cliff are taking some of the holiday cheer right out of wall street. cnn's alison kosik watching the post-christmas trading as well as a threat to the economy that could come even sooner than the cliff? let's start with the stocks, though. >> reporter: yes, stocks, very quiet today, very quiet session. not many investors in the game today. expect that to be the case the rest of the week. the fun tny thing, this is usuay the time we see the santa claus rally. the dow down 46 points. no deal on the if i'm not mistaken. that's spoiling the rally so far. it could be worse, though. we've seen much harsher reaction to all the congressional shenanigans in the past that could be a sign the economy is in better shape this time around. the s&p 500 is still on track for a 13% gain for the year. >>alison, what's the container cliff? >> reporter: the container cliff could be serious stuff. it could be a major threat to the economy. but it's also something that can be avoided. this container cliff is the name the national retail federation has given to this situatio
>>> fears of the fiscal cliff are taking some of the holiday cheer right out of wall street. cnn's alison kosik watching the post-christmas trading as well as a threat to the economy that could come even sooner than the cliff? let's start with the stocks, though. >> reporter: yes, stocks, very quiet today, very quiet session. not many investors in the game today. expect that to be the case the rest of the week. the fun tny thing, this is usuay the time we see the santa claus...
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Dec 30, 2012
12/12
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>> i think it will be a year of foreign policy, all the talk about the fiscal cliff is interesting and we'll stumble along and the economy will stumble along and, i think we will have big foreign policy challenges an crises with respect to iran, afghanistan, syria, and i think that will be the dominant preoccupation of the year. >> chris: when it comes to iran which i know, is still a preoccupation of yours, a year from now will we talk about the diplomatic deal that has been accomplished, military action taken or the fact we are still then same mess. >> i think the military action that will have been taken. >> chris: by us or israel. >> i don't know. >> chris: well that is enough. there you go. senator bayh. >> believe it or tho not, the election is over but another one is always about to begin and i think you will see the vice president, probably making trips, at some point in the first half of the year to places like iowa and new hampshire, just to pick states at random, because he would like to set the stage for the next -- winning the democratic presidential nomination, in four ye
>> i think it will be a year of foreign policy, all the talk about the fiscal cliff is interesting and we'll stumble along and the economy will stumble along and, i think we will have big foreign policy challenges an crises with respect to iran, afghanistan, syria, and i think that will be the dominant preoccupation of the year. >> chris: when it comes to iran which i know, is still a preoccupation of yours, a year from now will we talk about the diplomatic deal that has been...
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Dec 28, 2012
12/12
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cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours to work a small plan to keep some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she'sa at least a little encouraged. >> it was constructive. as i say, candor is constructive, and i think it moved us forward, but we'll see. >> reporter: it was the first meeting with the president and all the congressional leaders in six weeks. it follows an impasse that has shaken wall street, the dow down more than 400 points since talks stalled last week. and on main street, business owners like drew greenblatt, who owns a wire basket manufacturing company in baltimore, say the coming fiscal cliff is already causing pain because they just don't know what will happen to their taxes. >> right now we're doing our budget. we're decidi
cliff. >> the hour for immediate action is here. it is now. and the american people are not going to have any patience for a politically, self-inflicted wound to our economy. >> reporter: there are signs of progress. mitch mcconnell and harry reid have agreed to spend the next 24 hours to work a small plan to keep some taxes from going up. after the meeting, house democrat leader nancy pelosi told us she'sa at least a little encouraged. >> it was constructive. as i say, candor...
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Dec 31, 2012
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cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surprise to us. it's not as if, if i could use the metaphor, that congress was going along in a bus and -- on a ride through the country and suddenly came to the end of the road and there was a cliff. this shouldn't be a surprise to us. we -- we -- we created this cliff ourselves a year and a half ago when we adopted the budget control act. and we created it for a very good reason: because we knew that we had proven ourselves incapable of making the compromises that were necessary to achieve the long-term bipartisan debt-reduction program that america desperately needs. we're over $16.4 trillion in debt. i'm in my last days as a u.s. senator. if you'd told me when i started that we'd be $16 trillion in debt, i wouldn't have believed it. frankly, if you told me just a dozen years ago at the end of the clinton administration when we were in surplus that we could possibly be $16 trillion in de debt, i would have thought -- well, i would have thought you were not reali
cliff and really hurts almost every american family in our country, in our economy, as a whole. this shouldn't be a surprise to us. it's not as if, if i could use the metaphor, that congress was going along in a bus and -- on a ride through the country and suddenly came to the end of the road and there was a cliff. this shouldn't be a surprise to us. we -- we -- we created this cliff ourselves a year and a half ago when we adopted the budget control act. and we created it for a very good...
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Dec 29, 2012
12/12
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. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ trust duracell to power their donated toys? duralock power preserve. it locks in power for up to 10 years in storage. guaranteed. duracell with duralock. trusted everywhere. i just served my mother-in-law your chicken noodle soup but she loved it so much... i told her it was homemade. everyone tells a little white lie now and then. but now she wants my recipe [ clears his throat ] [ softly ] she's right behind me isn't she? [ male announcer ] progresso. you gotta taste this soup. executor of efficiency. you can spot an amateur from a mile away... while going shoeless and metal-free in seconds. and you...rent from national. because only national lets you choose any car
. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. through diet and exercise, alli can help you lose one more by blocking some of the fat you eat. let's fight fat with alli. ♪ trust duracell to power their donated toys? duralock power...
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Dec 30, 2012
12/12
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first let's work together on a bipartisan basis to try to avoid this fiscal cliff. if we cannot, let's work as quickly as we can to get back on our feet on a bipartisan basis and come up with an agreement that moves our economy forward. finally, let's deal with destruction and long-term entitlement reform. that is part of our obligation. mr. president, i spoke to our senate democratic caucus a little earlier today about the terrible problems we face in illinois with one of the lowest credit ratings in the nation, primarily because our pension systems are underfunded. for more than four decades, republican and democratic governors have ignored the challenge as have many leaders in our general assembly, and now the responsibility falls on this generation of leaders to try to deal with a vexing situation where it would take literally one-third of our state budget to meet the unfunded liabilities of our pension systems. we cannot let that happen at the federal level. whether it's social security or medicare, we need to make the thoughtful choices, the thoughtful advance
first let's work together on a bipartisan basis to try to avoid this fiscal cliff. if we cannot, let's work as quickly as we can to get back on our feet on a bipartisan basis and come up with an agreement that moves our economy forward. finally, let's deal with destruction and long-term entitlement reform. that is part of our obligation. mr. president, i spoke to our senate democratic caucus a little earlier today about the terrible problems we face in illinois with one of the lowest credit...
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Dec 26, 2012
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there is no question the economy wants a solution to the fiscal cliff issue. they want to get it behind us. as you know we have only got a week to go. jamie: it will be interesting to see percentage of returns for retailers. they could get hit mr. the hard. people say i take the cash instead. >> right. jamie: how important is consumer spending to the overall healthiness of the economy? >> sure, it's a big factor. i mean, look, there's two major sectors of the economy. with your money you can either consume it or that is important and or you can invest it, that is important to. when consumers hold back no question retail sector of the economy gets hit hard with a slowdown in business activity. by symptom estimates two third of our economy is retail sector where people spend money as consumers. jamie: so the numbers count. quick, steve, out of curiosity since you follow this stuff and you know money, did you buy less this year than you used to? >> you know, gee, i have to see my credit card bill before i answer that we did pretty well and i took in a pretty good
there is no question the economy wants a solution to the fiscal cliff issue. they want to get it behind us. as you know we have only got a week to go. jamie: it will be interesting to see percentage of returns for retailers. they could get hit mr. the hard. people say i take the cash instead. >> right. jamie: how important is consumer spending to the overall healthiness of the economy? >> sure, it's a big factor. i mean, look, there's two major sectors of the economy. with your...
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Dec 26, 2012
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nuclear disaster. >>> six days to go before the fiscal cliff deadline and tomorrow could be make or break in determining if we steer clear or go over the edge. president obama is cutting his hawaiian vacation short and is leaving tonight and will be back tomorrow. that is when the house and senate is expected to reconvene. >>> starbucks weighing in with the own fiscal cliff campaign. workers at 120 d.c. area stores are asked to write this on their cup. come together. yeah, he says it's a way to send elected official as a respectful but potent message, urging them to come together to fin common ground. not grounds, ground. >> all of the bickering in washington, all it will take is a cup at starbucks, i think it will push everybody over the edge. get a deal. >>> ahead, a u.s. marine who languished in a mexican prison for months, gets to spend the holidays at home with his family. >>> coming up, we'll talk to one of the lawmaker who's helped win his release. you're watching "starting point." ♪ everybody well don't you know it's me now? ♪ ♪ yeah who's it, who's it huh? ♪ ♪ willy's b
nuclear disaster. >>> six days to go before the fiscal cliff deadline and tomorrow could be make or break in determining if we steer clear or go over the edge. president obama is cutting his hawaiian vacation short and is leaving tonight and will be back tomorrow. that is when the house and senate is expected to reconvene. >>> starbucks weighing in with the own fiscal cliff campaign. workers at 120 d.c. area stores are asked to write this on their cup. come together. yeah, he...
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Dec 29, 2012
12/12
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but the other thing about the fiscal cliff, you do not want to be blamed for going over it. it is going to be bad for the economy, it's bad for the country. what speaker boehner has done is create a situation in which we are going to go over the fiscal cliff. but the people who want higher taxes, the democrats they will not be ready for it. it was john boehner that walked away the negotiations to try plan-b and then it was mr. boehner who failed to pass the plan. and then it was mr. boehner who said it was somebody else's problem. what he has done is a debacle for the republicans. the white house has been sitting back and letting it happen. you can call it deal and jam. >> i am optimistic that we can reach an greept that can pass both houses in time. senators reed and mcconnell are working on such an agreement as we speak. but, if an agreement is not reached in time, between reed and mcconnell, i will urge senator reed to bring to the floor a basic package for an up or down vote, one that protects the middle class from an income tax hike and extends the vital life line of un
but the other thing about the fiscal cliff, you do not want to be blamed for going over it. it is going to be bad for the economy, it's bad for the country. what speaker boehner has done is create a situation in which we are going to go over the fiscal cliff. but the people who want higher taxes, the democrats they will not be ready for it. it was john boehner that walked away the negotiations to try plan-b and then it was mr. boehner who failed to pass the plan. and then it was mr. boehner who...
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Dec 27, 2012
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experts blamed several factors including worries fiscal cliff. the bad weather definitely played a role as well. especially super storm sandy, whatever the cause, bad holiday numbers mean bad news in general for the economy. overall many retailers make almost half their sales for the year during the month of november and december. gerri willis from the fox business network now to break it down for us. retailers slash prices. they threw all sorts of deals out there. >> 30%, 40%, 50%, almost 75% at some retail stores. falling consumer confidence. people worried about what their taxes are going to look like next year we don't know because of the fiscal cliff. as a result we didn't get the sales we expected. today retail stocks fell dramatically taking the entire market with it. >> harris: we had a lot of tough news stories between october and the end of the year. you know black friday has usually been kind of a bellwether. it usually tells us how things were going to go and it went well this year. what happened? >> people had high expectations as yo
experts blamed several factors including worries fiscal cliff. the bad weather definitely played a role as well. especially super storm sandy, whatever the cause, bad holiday numbers mean bad news in general for the economy. overall many retailers make almost half their sales for the year during the month of november and december. gerri willis from the fox business network now to break it down for us. retailers slash prices. they threw all sorts of deals out there. >> 30%, 40%, 50%,...
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Dec 31, 2012
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if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these guys can govern. host: front page of "the new york times." let me read a few points. "more difficult to reach a compromise." guest: that is absolutely true. i feel we're watching a game of finger-pointing and not much else. both sides are pointing fingers and shouting it is the other guy's fault. what if any other business environment worked this way instead of solving the problems and working together? the toxic environment calls into question when we of challenges or other important issues -- can the american political system step up and deal with sit? the answer is not very well. we feel sa
if we go over the fiscal cliff, the risk to the economy is strong. there is it to families is real. it is as if politicians are playing tug of war. as soon as we get through the fiscal cliff -- the hope is we would replace the fiscal cliff with real policies that would keep us from going over it. now looks as though we're not going to be able to do anything to tackle the challenges right now. the partisan environment is getting worse and worse. that leaves us with questions about whether these...
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Dec 29, 2012
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. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. because it's the final 100 hours of the ford year end celebration. last chance to get the best deals of the year on america's freshest lineup. hurry in for the great mileage. hurry in the latest technology. the clock is ticking. so hurry to the final 100 hours of ford's year end celebration. before everything's gone. and one more thing...hurry. get a focus with 2000 cash plus 500 year end bonus cash with no charge sync and sound during the final hundred hours of the ford year end celebration. only at your local ford dealer. ♪ ♪ [ male announcer ] everyone deserves the gift of all day pain relief. this season, discover aleve. all day pain relief with just two pills. aww man. [ male announcer ] returns are easy with free pickup from the u.s. postal service. we'll even drop off boxes if you n
. >>> "outfront" next, worries about the fiscal cliff wreaking havoc on our economy. stocks down for the fifth straight day. what lawmakers must do to stop the bleeding. >>> we count down our top political rivalries. find out how many of your favorite politicians made this list. because it's the final 100 hours of the ford year end celebration. last chance to get the best deals of the year on america's freshest lineup. hurry in for the great mileage. hurry in the...
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Dec 26, 2012
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stock market, despite all the worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. our money has been in the market, the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not in its fist day as a trading company. questions about nasdaq and the company's ability to make money on mobile users pummeled the stock which has yet to climb back to its ipo price. >> number seven, mother meyer. the new ceo of yahoo, who announced she was just going to take a two-week maternity leave as she tried to turn the company around. looks like a mother's touch is just what yahoo needed. >> number six, mother nature. a drought in the midwest that scorched the corn and bean crops. who can forget superstorm sandy? neighborhoods along the northeast swept away. millions without power, and damages as high as $50 billion, raising lots of questions about u.s. infrastructure and whether we should be spending money to fix it.
stock market, despite all the worries about the fiscal cliff and maybe slower growth in the u.s. economy, the stock market has had a great year. too bad you missed out. our money has been in the market, the rest of us have been worried about the fiscal cliff. >> number eight, facebook's ipo, hundreds of millions of people like facebook, but investors did not in its fist day as a trading company. questions about nasdaq and the company's ability to make money on mobile users pummeled the...
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Dec 26, 2012
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guest: in the new year, i think they come to some resolution of the fiscal cliff. we are looking forward to another year like we had. 2% growth are a little less. the prospects this quarter were impaired by the cliff, and we expect that to go forward into the next quarter. host: the president coming into town tonight, and the congress tomorrow. realistically, what do you think will happen? guest: i do not think a lot will happen and i think we will go over the cliff. i am an economist, not a politician. i do not believe that the republicans will give the president merely a tax increase on people over $250,000. there are not able to push that through the house with some spending cuts. that does not seem to make much sense. host: peter will be here for 40 minutes taking your calls and tweets about the u.s. economy. we continue to take a look at economic matters. our guest recently wrote about the debt limit. the headline in "the boston globe" -- do you agree with that sentiment? guest: i would hope it would not threaten the economy again. it is all bound up in this i
guest: in the new year, i think they come to some resolution of the fiscal cliff. we are looking forward to another year like we had. 2% growth are a little less. the prospects this quarter were impaired by the cliff, and we expect that to go forward into the next quarter. host: the president coming into town tonight, and the congress tomorrow. realistically, what do you think will happen? guest: i do not think a lot will happen and i think we will go over the cliff. i am an economist, not a...
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Dec 29, 2012
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all of it is at stake if the country goes over the fiscal cliff. it's a cliff that lawmakers built. they set the tuesday deadline, they knew it was coming for more than a year. but even now, they have done little to agree to a package before that time. keeping them honest, the people in this building have known what's coming on tuesday, yet they're only returning to this building to get back to work just now. senators came back yesterday. house members, well, they woet be back until sunday. this afternoon, house and senate leaders met with president obama at the white house. they talked for about an hour. afterwards, president obama said he was modestly optimistic. bypassing house speaker john boehner who had trouble getting his fellow republicans to agree to anything, the president called on senate majority and minority leaders harry reid and mitch mcconnell to work out a deal and then present it to a house. he also laid out a scaled down mini deal if they can't manage it. >> if we don't see an agreement between the two leaders in the senate, i expect a bill to go on the floor, and
all of it is at stake if the country goes over the fiscal cliff. it's a cliff that lawmakers built. they set the tuesday deadline, they knew it was coming for more than a year. but even now, they have done little to agree to a package before that time. keeping them honest, the people in this building have known what's coming on tuesday, yet they're only returning to this building to get back to work just now. senators came back yesterday. house members, well, they woet be back until sunday....
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Dec 30, 2012
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cliff but other issues as well. he talked about his priorities for his second administration. he talked about writing the economy again -- righting the economy again. immigration reform. and energy. in his top four he did not mention gun control until prompted by david gregory. take a listen. >> you know, i've been very clear that, you know, assault rifle ban, banning these high-capacity clips, background checks, that there are a set of issues i have historically supported and will continue to support. >> back with "time" magazine's michael crowley, hill's a.b. stoddard, karen tumulty, and cnn's chief white house -- cnn's chief -- white house correspondent jessica yellen. so, it was not a yes, we're going to get this gun thing done, whatever the gun thing is, whether it is school safety, combination of that and mental health, some kind of gun control. it was not uppermost on the president's mind. what do you make of that? >> he's not running into the breach and as a president you have to prioritize. >> about anythin
cliff but other issues as well. he talked about his priorities for his second administration. he talked about writing the economy again -- righting the economy again. immigration reform. and energy. in his top four he did not mention gun control until prompted by david gregory. take a listen. >> you know, i've been very clear that, you know, assault rifle ban, banning these high-capacity clips, background checks, that there are a set of issues i have historically supported and will...
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on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what happens to wall street. >> we're going to see a lot of volume activity until the issues get resolved. it's not as if the borrowing limit directly affects companies represented in the stock market, but the problem is that washington is the whole story right now and there's so much unpredictability about the economy. u.s. treasury securities are the biggest class of securities in the world. it sort of affects everything else about the markets, the financial markets, interest rates. and if we don't quite know what's going to happen in that bedrock market, which provides a lot of liquidity, it affects everything else. there's also a psychological component, which standard & poor's
on top of the fiscal cliff, we may go through this all over again. it's another drag on the markets and on the whole economy at exactly the wrong time. >> when you say drag, though, give us an example of what you mean. we talked about january 2nd, everybody goes back to work and markets open. are we going to see a lot of volatility. all of a sudden it crashes down at once. what happens to wall street. >> we're going to see a lot of volume activity until the issues get resolved. it's...
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Dec 27, 2012
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cliff or if we do go off the fiscal cliff it will be a small package of some tax increases, some spending cuts, but it's not going to put the economy into a recession. so what i've been telling clients is let's just hold the line right here. let's not sell precipitously. let's wait until we see the outcome. but right now i think there's a real good chance that the outcome could be positive or will muddle our way through this significant problem. >> ifill: let me ask you a question which politicians kept bringing up during this last election which is the that the uncertainty is what makes people nervous in the business world. is this the kind of uncertainty they were talking about? >> it absolutely is. you mentioned before the retail sales numbers for this christmas season and the retail sales numbers for this christmas season were very poor, very soft. this is both individuals and individuals affecting companies making decisions and it's really largely driven by their significant uncertainty about what's going to be their tax rate in 2013. they're really postponing any spending and it cle
cliff or if we do go off the fiscal cliff it will be a small package of some tax increases, some spending cuts, but it's not going to put the economy into a recession. so what i've been telling clients is let's just hold the line right here. let's not sell precipitously. let's wait until we see the outcome. but right now i think there's a real good chance that the outcome could be positive or will muddle our way through this significant problem. >> ifill: let me ask you a question which...
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greg: as lawmakers struggled with the fiscal cliff, treasury secretary timothy geithner is facing an equally harrowing deadline is the u.s. economy approaches its borrowing limit of $16.4 trillion. he says that he is being forced to use extraordinary measures. just to try try to keep things afloat for another few months. do you ever feel like groundhog day? paul harrington is a managing partner of harrington financial llc. i do feel like bill murray in his movie "groundhog day", the movie. it seems to be happening over and over again, doesn't it? [laughter] reporter: this narrative is tiring and frustrating. we have been talking about this every year. we do have a $16.4 trillion debt ceiling. i want people to realize that there are vibrational effects associated with going over or trying to extend the debt ceiling. one example is the credit rating of the united states. we already saw a downgrade their with our respective credit rating in the united states. if we are going to go through the debt ceiling once again, and i suspect that we will revisit having another downgrade to her cre
greg: as lawmakers struggled with the fiscal cliff, treasury secretary timothy geithner is facing an equally harrowing deadline is the u.s. economy approaches its borrowing limit of $16.4 trillion. he says that he is being forced to use extraordinary measures. just to try try to keep things afloat for another few months. do you ever feel like groundhog day? paul harrington is a managing partner of harrington financial llc. i do feel like bill murray in his movie "groundhog day", the...
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>> once we get past the fiscal cliff we know it will take some dollars out of the economy, whether it is higher taxes or entitlement cuts. it will create a little bit of a shock to the economy but there are bright spots we should look for in 2013. harris: there are three you said. what are they? >> housing, energy and huge amount, trillions of dollars sitting on the sidelines by corporate america, waiting to come into the economy once this picture clears up. harris: we're getting housing numbers coming this week already. we're starting to see prices rose a little bit this fall. that is a good sign. we're seeing housing starts have come up as well. so i understand that. energy. >> energy is a game-changer, it really is. we look what is going on around the world. the europeans, far east, they're paying over $17 a btu for natural gas. we get it for $3 in this country. dow chemical just proposed building the largest chemical plant it has in the world here in this country because of the competitive advantage of natural gas. imagine if we could liquify, ship it to europe, ship it to the far
>> once we get past the fiscal cliff we know it will take some dollars out of the economy, whether it is higher taxes or entitlement cuts. it will create a little bit of a shock to the economy but there are bright spots we should look for in 2013. harris: there are three you said. what are they? >> housing, energy and huge amount, trillions of dollars sitting on the sidelines by corporate america, waiting to come into the economy once this picture clears up. harris: we're getting...